{
    "fund_name": "Global X U.S. Infrastructure Development UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Unfunded OTC swaps",
        "Exchange-traded equity futures",
        "Complex index tracking"
    ],
    "classification": "complex",
    "confidence": 85,
    "supporting_data": "The ETF is classified as complex primarily due to its use of unfunded OTC swaps and exchange-traded equity futures, which are derivative instruments. While the fund's primary replication method is physical (investing in underlying securities), the use of derivatives for 'investment purposes' (not just efficient portfolio management) triggers complexity under MiFID II. The index it tracks (Indxx U.S. Infrastructure Development v2) may also involve complex sector exposures. The PRIIPs KID would need to be reviewed for any comprehension warnings, but the derivative usage alone is sufficient to classify this as complex. The fact that it's a UCITS fund doesn't automatically make it non-complex when derivatives are used beyond simple replication purposes. The risk indicator of 5/7 (medium-high) also supports this classification, as does the mention of counterparty risk from derivative instruments."
}